Vida changes criteria after broker feedback

Vida changes criteria after broker feedback

Specialist mortgage lender Vida Homeloans has introduced a maximum loan-to-value of 90 per cent for first-time buyers and a 100 per cent Discounted Purchase Price mortgage for right to buy.

On its specialist buy-to-let range, Vida has increased its maximum loan amount to £4m on portfolios of up to 15 properties. The lender will consider flats above commercial premises, including restaurants and takeaways, it said yesterday.

Vida’s new mortgage range comes after a first year of trading which saw it attract £2bn in decisions in principle, £1bn in applications and more than £400m in completions.

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The changes to its criteria come as a result of feedback from brokers.

Louisa Sedgwick, director of sales for mortgages at Vida Homeloans, said the company was "designing products for borrowers who are currently not well-served by high street lenders".

"These new criteria improvements are clear evidence of our desire to grow our specialist mortgage lending substantially in 2018," she added.

The lender, which launched in 2016, offers specialist products including specific products for the self-employed, contractors, short work histories, buy together for more than two applicants and borrowing in or into retirement.